Types of Businesses Review

A ____ ______ is a business owned and operated by one person.

McDonald's is what type of business

• Partnership

• Sole trader

• Franchise

• Cooperative

Shared risk and responsibility is an advantage of a partnership.

• True

• False

Which type of business is regulated by the Australian Securities and Investments Commission (ASIC)?

• Private company

• Cooperative

• Public company

• Partnership

The number of shareholders a public company can have is limited.

• True

• False

A ___________ is generally made up of people who work in one industry.

A __________ is the person who purchases a franchise, usually by paying a fee.

Which of the following is an advantage of a partnership?

• Unlimited liability

• Responsibility for partners debts

• Potential for conflict

• Shared workload